Talking Prices: Symbolic Meanings of Prices on the Market for Contemporary Art

Front Cover
Princeton University Press, 2005 - Art - 264 pages

How do dealers price contemporary art in a world where objective criteria seem absent? Talking Prices is the first book to examine this question from a sociological perspective. On the basis of a wide range of qualitative and quantitative data, including interviews with art dealers in New York and Amsterdam, Olav Velthuis shows how contemporary art galleries juggle the contradictory logics of art and economics. In doing so, they rely on a highly ritualized business repertoire. For instance, a sharp distinction between a gallery's museumlike front space and its businesslike back space safeguards the separation of art from commerce.

Velthuis shows that prices, far from being abstract numbers, convey rich meanings to trading partners that extend well beyond the works of art. A high price may indicate not only the quality of a work but also the identity of collectors who bought it before the artist's reputation was established. Such meanings are far from unequivocal. For some, a high price may be a symbol of status; for others, it is a symbol of fraud.

Whereas sociological thought has long viewed prices as reducing qualities to quantities, this pathbreaking and engagingly written book reveals the rich world behind these numerical values. Art dealers distinguish different types of prices and attach moral significance to them. Thus the price mechanism constitutes a symbolic system akin to language.

 

Contents

The Architecture of the Art Market
21
CHAPTER 2
53
CHAPTER 3
66
CHAPTER 4
97
CHAPTER 5
114
CHAPTER 6
132
CHAPTER 7
158
CHAPTER 8
179
APPENDIX
191
Notes
209
Bibliography
237
Index
255
Copyright

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Page 117 - Truly important and significant hypotheses will be found to have "assumptions" that are wildly inaccurate descriptive representations of reality, and, in general, the more significant the theory, the more unrealistic the assumptions (in this sense). The reason is simple. A hypothesis is important if it "explains...
Page 97 - Their value is wholly independent of the quantity of labour originally necessary to produce them, and varies with the varying wealth and inclinations of those who are desirous to possess them.
Page 19 - It is with the kind of material produced by long-term, mainly (though not exclusively) qualitative, highly participative, and almost obsessively fine-comb field study in confined contexts...
Page 98 - We might as reasonably dispute whether it is the upper or the under blade of a pair of scissors that cuts a piece of paper as whether value is governed by utility or cost of production.
Page 106 - ... objects of pride to their possessors and users. But the utility of these things to the possessor is commonly due less to their intrinsic beauty than to the honour which their possession and consumption confers, or to the obloquy which it wards off.
Page 116 - ... American Economic Review some years ago is an even clearer, though much less important, example. The articles on both sides of the controversy largely neglect what seems to me clearly the main issue - the conformity to experience of the implications of the marginal analysis - and concentrate on the largely irrelevant question whether businessmen do or do not in fact reach their decisions by consulting schedules, or curves, or multivariable functions showing marginal cost and marginal revenue.
Page 11 - For purposes of this essay, culture consists of such symbolic vehicles of meaning, including beliefs, ritual practices, art forms, and ceremonies, as well as informal cultural practices such as language, gossip, stories, and rituals of daily life.
Page 186 - ... Tears are nothing but salt water, to preserve a fresh grief. Insurance is business, genuine, old-fashioned sixteen-ounce precaution" (Phelps 1895, pp. 12-13). Its avowed goal was to encourage men to "make their own death the basis of commercial action" (Beecher 1870). This was no simple enterprise. Putting death on the market offended a system of values that upheld the sanctity of human life and its incommensurability. It defied a powerful normative pattern: the division between the nonmarketable...
Page 25 - We have moved into a situation where wealth is the only agreed upon arbiter of value. Capitalism has overtaken contemporary art, quantifying and reducing it to the status of a commodity. Ours is a system adrift in mortgaged goods and obsessed with accumulation...

About the author (2005)

Olav Velthuis has worked as Assistant Professor of Sociology at the University of Konstanz and has been a Visiting Scholar at Princeton University and Columbia University. Currently he writes about economic affairs for the Dutch newspaper De Volkskrant.